Newton, Mass.—Tech media company TechTarget reported Wednesday that its total fourth quarter 2009 revenue decreased to $23.2 million, a 13.0% drop compared with the same period in 2008.
Most of the decrease reflected drops in events revenue, which tumbled 46.6% from $6.0 million in the fourth quarter of 2008 to $3.2 million in the fourth quarter last year. The company said it planned to cut its face-to-face event schedule by 25% this year. Online revenue increased 2.0% in the same time frame, rising from $19.7 million to $20.1 million.
“On the positive side, I am very encouraged that in Q4 '09, we achieved our first year-over-year online growth in a year and we achieved healthy sequential online growth of 10% compared to Q3 '09,” TechTarget CEO Greg Strakosch said in a statement.
For the year, revenue in 2009 dropped 17.1% to $86.5 million from $104.4 million in 2008.
TechTarget posted a net loss of $827,000 in the fourth quarter of 2009 compared with a net profit of $441,000 in the same period in 2008. Its net loss for the full year 2009 was $5.1 million, compared with net income of $1.8 million for 2008.
TechTarget is optimistic for 2010, and Strakosch is forecasting “double-digit online revenue growth.” Online revenue accounted for 86% of TechTarget's revenue in the fourth quarter of 2009. (TechTarget discontinued its print properties in 2008.)